End of the week Euro rant

[Terpe]

Whichever way you look at it European banking and finance is in big trouble.

When the Greece dafault finally comes, the ripples will suddenly become freak tsunami's, with effects far greater and wide reaching than we can probably image.
Just about every government, every finance minister and every bank,business and financial institution are lying about their risk exposure with Greece.

Don't forget that the EU is still the single largest economy at $16.28 trillion. In addition to being the biggest trading partner with China, it is also accounts for
21% of US exports and $121 billion in exports for South America

The remainingr PIIGS (Portugal,Italy, Ireland and Spain) will start thinking if they too want to continue austerity increasing expensive debt or if they prefer
to also default.

Quite simply, too many countries have racked up too much debt and just don't have the means to pay for it. End of story.

Rant over. No offence.

[stevewool]

i am not a banker , or into politics, only watch the news when i want too, but i cannot understand why they pumped so much money into Greece, they will default sooner then later

[grahamw48]

I hope Europe implodes. It has grown into a monster far-removed from its original concept.

I've hated us being part of this club for blood-sucking interfering parasites from the start.

Yes, perhaps we will have less 2 car families and only one holiday abroad each year , but let us once more be a proud and INDEPENDENT nation.

[imagine]

is it time to tighten my belt,,,,,,,,,,,,,,,,, AGAIN

[bigmarco]

Cant understand what the PIGS are thinking of. Surely the best thing for all of them is to default and start again. They are signing up to years of misery to keep the Germans and French happy.

[Arthur Little]

... let us once more be a proud and INDEPENDENT nation.

HEAR! HEAR! ...

[Iani]

Thing is, Greece LIED all along to meet the criteria for Euro entry - and they were not the only ones.

But let's not forget, it was so well known they were doing this, but the EU still let them join the Euro at it's conception.

Talk about as you sow, so shall you reap.

So what if they had been told they had to stick with the Drachma or Lira for another few years whilst they got their budget up to criteria, it wouldn't have hurt anything except the pride of the great Euro project.

Crazy really

[Terpe]

Does anyone know just how much we pay these so called Euro Financiers to continue scrambling around to find a plan.

I still believe that Greece (and others) could do a lot worse than a properly organised and managed default and EuroZone exit.

It's just that I've come to the conclusion that the probability of either Greece or those Euro-Finance Ministers being able to do anything properly is low to zero.

Where on earth does that leave UK?